(a) Before it sells any bonds under this subtitle, the Department shall enter into an agreement with each participating county as required by this section.
(b) The agreement shall:
(1) Specify that the bonds to be issued on behalf of the county will be repaid by the county under such terms and conditions as the Department and the counties deem appropriate;
(2) Describe the source and nature of revenues the county will pledge to the repayment of the bonds, which revenues may include highway user revenues under § 8-401 of this article or any other revenues of the county; and
(3) Describe any other terms or conditions that the Department deems necessary or appropriate to assure prompt and full repayment of the bonds.
(c) The Department may pledge or assign all or a portion of its rights under agreements made pursuant to this section to guarantee repayment of bonds.
(d) (1) In order to enhance the security or the marketability of the bonds, a county may agree with the Department to pledge any moneys that the county is entitled to receive from the county’s share of highway user revenues, but a county may not pledge moneys that are pledged or dedicated to another purpose by State law.
(2) In the event of such pledge, the State Comptroller and the State Treasurer may cause in accordance with the terms of such agreement such moneys to be paid to the Department or any trustee designated by the Department.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.